The Competition Commission of India (CCI) has approved the proposed acquisition of ING Mutual Fund’s schemes by Birla Sun Life AMC.
CCI commented that the transaction is unlikely to have an adverse impact on competition.
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"The total size of the market in terms of the average assets under management for all the mutual funds was INR9 million as on March 31.
The watchdog observed that the share of the ING MF schemes in the total AAUM for all the mutual funds in India is insignificant.
"Post combination, the ING Mutual Fund schemes would become schemes of Birla Sun Life Mutual Fund and portfolio management clients of ING AMC will continue as the clients of Birla Sun Life AMC," CCI said in its order.
The deal involves acquisition of the trusteeship, right to manage and administer the schemes of ING Mutual Fund as well as the right to manage portfolio management services accounts of ING Investment Management (India) Pvt Ltd.
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By GlobalDataThe acquirers include Birla Sun Life Trustee Company Pvt Ltd and Birla Sun Life Asset Management Company Ltd.
